Gold rate today slipped further and hit seven month low in both domestic and international markets. Gold future contract for December 2023 expiry on Multi Commodity Exchange (MCX) opened lower at ₹57,426 per 10 gm levels and went on to hit intraday low of ₹56,565 levels. Gold price today on MCX is currently quoting ₹56,734 per 10 gm levels, which is around 1.50 per cent lower from its Friday close price of ₹57,600 levels. In international market, gold price is quoring around $1,815 per ounce levels, logging 0.35 per cent intraday loss against its Monday close.
Likewise, Silver rate today opened lower at ₹69,255 per kg levels and went on to hit intraday low of ₹65,666 per kg levels within few minutes of commodity market’s opening bell today. Silver price on MCX is currently quoting around ₹67,210 levels, which is around 3.79 per cent lower from its Friday close of ₹69,857 per kg levels. The precious white metal is came down today to the tune of 3.90 per cent.
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Why gold price is nosediving?
Speaking on the reason for sharp correction in gold and silver price today, Anuj Gupta, Head — Commodity & Currency at HDFC Securities said, “As US government has managed to avert shutdown on 1st October 2023, US dollar has gained further strength. US dollar index today has gone up to 11-month high while gold and silver prices in both domestic and international market has crashed down to 7-month low.”
Anuj Gupta of HDFC Securities went on to add that silver and gold prices are under pressure mainly due to the US dollar climbing to this record 11-month high.
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On triggers that pulled down gold and silver prices to seven month low, Deveya Gaglani, Research Analyst – Commodities, Axis Securities said, “Rising bond yields and a strong dollar index have dented the sentiments of Precious Metals. The near-term trend is looking unfavourable for prices.”
Important levels to look at
Anuj Gupta of HDFC Securities said that gold price today in international market is around $1,815 per ounce levels and it has immediate support placed at $1,800 per ounce levels. However, crucial support for spot gold price is now placed at $1,770 per ounce levels. On MCX, gold price has immediate support placed at 56,000 while its crucial support is placed at ₹55,300m per 10 gm levels.
Similarly, silver rate today is in $20 to $21.50 per ounce range while on MCX, silver prices have supports placed at ₹65,500 and ₹63,000 per kg levels respectively.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 03 Oct 2023, 10:03 AM IST